UFXMarkets
Complaint 280534 Details

I started with an account size of 10k was trading on my own until this account manager Alaa Alomari started to give me recommendations which work fine in the beginning getting me to trust him. He was pressing me to increase the account size for a safe trading as he put it with promises of more returns and a safe risk reword. Unfortunately I did increase the account size to 155000 after repeated insistence from his part but I told him that with in a month I need to take the money out, he said to give him until the payroll news on sept. 2013. I was taking most of the trades on my own as he recommended about 1-2 trades per week and I was able to make about 30 % gain in about a month. One week before the Payroll news, he upon my approval over the phone open multiple trades on forex and commodities that I never dealt with before, and I agreed as he was rushing me into those deals over the phone. Within two bourse, my account grew from 137k to 240k. We closed all the positions, but he insisted to buy Silver 600k ounces on the high of the day, which I reluctantly approved (again over the phone while i was at work and not focused). Within an hour he call to ask to open a short position again sliver since it turned south and there is a high risk to lose all my money, of course I agreed. I always asked him to put a stop loss but he never did in all of his recommendations, so he got me trapped in a trade at the hight price going long and lowest price going short. I further transferred 50k ( making the total 155k) as he promised to get me out of this problem on the day of the payroll news. On that day he opened 300k short position at 23.14 against my own advice to go long instead. Of course the market went against me upon the news closing every position on total loss of the account. I am sure that this person and the company follow this policy of either not giving your funds back or they will try to manipulate you out of your money. I always had a cut feel that something was wrong, but unfortunately I was not wise enough to follow my cut feel for a change. They of course been trying to talk me into depositing more money to make up my loses but never again with those scammers. (Personal Information Removed)